Jump to content

Bitcoin

Jackie Ed

By Jackie Ed
in BGP Break Room

 Share

Recommended Posts

JDEaston

JDEaston

Posted
Posted
I’m definitely concerned on the Bitcoin front.

 

Now, Amazon could announce tomorrow at they’re going to start accepting direct Bitcoin payments and that would be a huge mark in its favor.

 

But if, before that, the Department of Justice decides that Bitcoin is a massive tool for money laundering and fraud and begins a huge regulatory crackdown, not so great for the early investors.

In the end, the lack of intrinsic value is what concerns me here for something priced this high. The price seems to be based mostly on the expectation that the price will be higher tomorrow than it is today and not on the expectation of increased utility or functionality. That’s a bubble.

 

Bitcoin was valued at about $100 just four years ago. How much has changed in Bitcoin’s real value to justify nearly $20,000 this week?

 

Blockchain holds some real promise for reducing transactional costs in the long term. I’m definitely worried that rampant speculation on Bitcoin and other related cryptocurrencies might undermine that progress that’s been made.

 

 

I really don't see the bolded happening, at least not anytime soon. Most people that hold bitcoin aren't using it for anything illegal, silk road is dead. The biggest thing BTC owners need to do to keep the government from throwing a fit is report their earnings when they file their taxes. The IRS is already looking into that and fought it out with coinbase in court. The IRS wanted records for all of their users but settled for the records of around 14,000 users. As long as people report their earnings (as they should) I don't really see the government cracking down on the bitcoin exchanges. In fact, it seems like they are becoming more accepting of the cryptocurrencies.

Link to comment
Share on other sites
  • Replies 116
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Popular Days

Posted Images

JDEaston

JDEaston

Posted
Posted
Don't forget that Bitcoin has a large Asian component.

 

I was going to put that in my post about wall street crashing it, but left it out. The people in the USA don't hold anywhere near the BTC that others around the world do, which would make it really hard for the investors with CME and such to make BTC completely tank. I really don't think they want to do that anyway, they just want to make it drop enough to buy back in and turn some nice profits.

Link to comment
Share on other sites
camelman

camelman

Posted
Posted

I look at it as: OK, the stock market has to have a pullback at some point, so I keep waiting and waiting with cash parked and drawing very little interest. So why not have some fun and buy a bitcoin (or maybe some litecoins now). It's just money. Can't take it with ya.

Link to comment
Share on other sites
HammerTime

HammerTime

Posted
Posted
I look at it as: OK, the stock market has to have a pullback at some point, so I keep waiting and waiting with cash parked and drawing very little interest. So why not have some fun and buy a bitcoin (or maybe some litecoins now). It's just money. Can't take it with ya.

 

Kinda the way I look at it. If I lose the money I'm playing with it's not going to kill me and who knows what it will become. Worth the risk to me. Everyone's situation is different though.

Link to comment
Share on other sites
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.


×
×
  • Create New...

Important Information

By using the site you agree to our Privacy Policy and Terms of Use Policies.

  I accept